We are buying a 2 bedroom apartment in Northleach with a mortgage. We have a Northleach lawyer, but the mortgage company says she’s not on their "panel". It appears that we have little option but to appoint one of the mortgage company panel solicitors or continue with our Northleach conveyancer and pay for one of their panel ones to act for them. We feel that this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Northleach conveyancing lawyer to apply to be on the conveyancing panel.
It is 10 years ago since I purchased my home in Northleach. Conveyancing lawyers have recently been appointed on the sale but I can't track down my title documents. Is this a major issue?
Don’t worry too much. Firstly the deeds may be retained by your mortgage company or they could be in the possession of the lawyers who oversaw the purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Nearly all conveyancing in Northleach relates to registered property but in the unlikely event that your home is unregistered it is more of a problem but is not insurmountable.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Northleach. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 12/12/2024, the requirements read as follows :
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Northleach is the location of the property. Can you shed any light on this issue?
Flying freeholds in Northleach are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Northleach you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Northleach may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
We're FTB’s - agreed a price, yet the property agent advised that the vendor will only move forward if we appoint the agent's preferred lawyers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a family solicitor accustomed to conveyancing in Northleach
We suspect that the owner is unaware of this requirement. If they desire ‘a quick sale', alienating a serious buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and make sure they comprehend that (a)you are genuine buyers (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)but you will continue to use your own,trusted Northleach conveyancing firm - not the ones that will give their negotiator at the agency a introducer fee or achieve conveyancing targets demanded by senior management.